Along with demonstrating that the delivery system is capable of carrying
biologically active cargo to intracellular sites of action, the
platform has favorable pharmaceutical properties simplifying
formulation development for systemic and locally administered
conjugates which will allow more rapid development of drug products.

PPL has converted its previously filed provisional patent application
for this delivery system to an international patent application that
includes a variety of structures utilizing cargos that address
important areas of medical need.

PPL has prioritized inflammation as an area with a large therapeutic
opportunity.

Using a cargo peptide against an anti-inflammatory target, PPL has
demonstrated not only cell penetration but also convincing in-vitro and
in-vivo pharmacological effects mediated intracellularly. The lead
compound is being evaluated in several animal models of human
inflammatory disease that will determine its first indication.

About Portage:

Portage is engaged in researching and developing pharmaceutical and
biotech products through to clinical "proof of concept" with an initial
focus on unmet clinical needs. Following proof of concept, Portage will
look to sell or license the products to large pharmaceutical companies
for further development and commercialization.

Apart from PPL, Portage holds 54% equity in Biohaven Pharmaceutical
Holding Company Limited ("Biohaven"). Biohaven is engaged in the
identification and development of clinical stage neuroscience compounds
targeting the glutamatergic system. The company obtained a license from
Yale University regarding intellectual property for the use of certain
glutamate modulating agents in the treatment of neuropsychiatric
disorders. Biohaven's first drug candidate is being developed for
treatment-resistant mood and anxiety disorders. The lead drug candidate
is a Phase 2 ready compound and will enter clinical testing for
treatment-resistant mood or anxiety disorders next year. A second
unique drug candidate also targeting the glutamatergic system has a
well-established safety profile and will begin optimization of its
formulation in 2014.

Portage is seeking discovery and co-development partners in areas such
as certain inherited diseases, inflammatory and autoimmune disease,
cancer, infectious disease, neurology and psychiatry developing novel
targeted therapies, and even older marketed products that have been
found to have novel patentable characteristics that bring new value to
patients

Portage seeks to work with a wide range of partners, in all phases of
development through in-licensing or other types of alliances. The
collaboration may include direct funding or investing human capital
from our extensive pool of talented scientists and physicians.
Specifically Portage will invest sweat equity as well as, or instead
of, capital. This internal pool of drug developers, financiers,
scientists and physicians will provide unique value-add for our
partners including but not limited to mitigating risks, clinical trial
design, regulatory expertise and maximizing the rewards.

This news release includes forward-looking statements within the meaning
of the U.S. federal and Canadian securities laws. Any such statements
reflect Portage's current views and assumptions about future events and
financial performance. Portage cannot assure that future events or
performance will occur. Important risks and factors that could cause
actual results or events to differ materially from those indicated in
our forward-looking statements.

Portage assumes no obligation and expressly disclaims any duty to update
the information in this News Release.